I was not planning to give an update today. However the magnitude and implications of the drop does require more attention. We have indicated in our post yesterday that price structure is looking very bearish and there is a chance that we even break 11500. It did not take much time after our post for price to break down through 11500 at ease. The price touched 10795 and have since reversed sharply. This kind of action happens during panic trading, with most stop orders taken out, leading to rapid fall. If prices close on daily basis above 11315, this could be a bullish signal to build on if it manages to hold in the days after.

However, that said, I wouldn’t get too excited. Again judging on intra-daily price structure of the decline from 13680, I would be looking for another decline to 10100 +/- or even 9690 +/-. For this to stay valid, price should hold below 12585. Only a break of 12585 and subsequently 12965 to the upside, would confirm and seal the most recent low of 10795 as the low for 2015.

It is indeed a very exciting time. We are approaching lows that probably will last into next year or two (depending which path the price rise takes). Hold your seats tight, watch prices closely and be ready to shop soon.